Covtp (Realisations) Limited (00049488): administration
- Status
- Administration ended
- Administration began
- 2012-10-30
- Administrators' firm
- PwC
- Formerly
- Manganese Bronze Property Services Limited; Old BSA Limited; Manganese Bronze Properties Limited; Old BSA Limited; Birmingham Small Arms Company Limited(The)
- Incorporated
- 1896-09-23
- Location
- Leeds
- Industry
- 82990 Other business support service activities n.e.c.
Why it went into administration
- Supply chain disruption
- Funding withdrawn / unable to refinance
- Parent or group failure
From the administrators' statement
The Group had been restructuring 1ts UK business with the aim of improving profitability, together with working with an overseas joint venture partner to exploit the worldwide market, and in the future act as a dealer network for the joint venture partner’s own cars
A culmination of several issues led to the Group being placed into administration including ongoimg losses, supply chain issues, warranty costs and the discovery of accounting errors Most recently 1n October 2012, the discovery of a steering fault resulted 1n the recall of around 400 vehicles and a voluntary suspension of sales which had an immediate and detrimental impact on the Group’s cash flow. MBH’s shares were suspended whilst the Group sought to secure sufficient funding to continue to trade
Following the suspension of MBH’s shares last month, the Group was unable to secure sufficient funding to continue to trade As the properties’ tenant was to be placed into administration and the Company had provided security to the Group’s bankers (HSBC), the directors placed the Company into administration on 30 October 2012 along with MBH, LTI and MBS. The Admmistrators were appointed over each company in the Group on the same date
Administrators' statement of proposals (2012-12-05) · Companies House register